Buyer traffic is likely increasing so much because of the severe shortage of existing homes for sale. Realtors are reporting the lowest supply on record and are not expecting the situation to improve anytime soon. While housing starts did rise steadily throughout 2017, they did so very moderately and are still not close to historically normal … [Read more...]
2017: The Focus Ahead
Some shocking numbers have just come in. It has been reported that total housing inventory dropped 10.8% in December to 1.65 million existing homes available for sale, the lowest level since the National Association of Relators (NAR) began tracking housing supply in 1999. Inventory decreased 6.3% from last year and has fallen for 19 consecutive … [Read more...]
Spring Buying Season & The Millennial Shift
Millennials are the first generation to come of age in the post-recession housing market in a relatively positive light. Yet the No. 1 barrier to entry for young, would-be homebuyers? Credit."The mortgage industry is poised to experience a monumental shift as more millennial homebuyers begin to enter the market," said Joe Tyrrell, executive vice … [Read more...]
San Diego Refinancing Options
Application Volume Up, Down, Up, Down...The results are in: the Mortgage Bankers Association said today that applications during the week of October 23rd decreased by roughly 3.5% – adjusting seasonally from the previous week.Granted the accounted for data increased 7% on an unadjusted basis, taking into account for Columbus Day. While this … [Read more...]
Why 96% of Consumers Think That Mortgage Rates Have Bottomed Out
Why 96% of Consumers Think That Mortgage Rates Have Bottomed Out According to recent statistics, mortgage interest rates have reached their lowest level in a long, long time and this goes not only for conventional mortgage loans, but for VA loans (loans guaranteed by the Department of Veterans affairs) and FHA mortgages (insured by the Federal … [Read more...]
Obama Plans To Cut FHA Mortgage Insurance Premiums
Obama Plans To Cut FHA Mortgage Insurance PremiumsOn January 7, 2015, President Barack Obama announced that the administration plans to cut Federal Housing Administration mortgage insurance premiums. This move is expected to open the housing market to roughly a quarter of a million Americans looking to buy a new home.The announcementPresident … [Read more...]
FHA’s Back to Work Program Allows Homeowners to Buy Again Sooner
Due to financial hardships caused by the recession, many homeowners were forced to forfeit their houses in a foreclosure or sell them as a short sale. Typically, an ex homeowner who lost their home in one of these situations would have to stand aside and wait a minimum of 36 months before attempting to purchase another home with a loan from the … [Read more...]
FHA Has Agreed To End Its Controversial Full-Month Interest Policy
Are you responsible for paying interest on your mortgage even after you have paid it off in full? When your principle balance reaches zero, does your interest clock stop running?The answer to these questions has been a shock to many home sellers and refinancers. If your home was financed with a loan insured by the Federal Housing Administration … [Read more...]
Are FHA Spot Loans Coming Back?
History of spot loans The Federal Housing Administration (FHA) originated spot loans in 1996. The goal of spot loans was to allow single loans on smaller projects that chose not to get approved with the Federal Housing Administration or did not make changes to their legal documents in order to conform to FHA project approval standards.Spot loans … [Read more...]
FHA Changes for 2014
BUYERS To qualify for a home purchase under current mortgage limits, buyers need to get a FHA Case Number Generation before Jan 1st. This requires a fully executed contract, property specific; re-fi will need full applications.SELLERS In order to sell your home within current mortgage limits, you must list your home to get in contract before … [Read more...]